Bajaj Electricals Ltd has posted a 27 per cent increase in consolidated net profit for the quarter ended December 31, owing to growth in the consumer products segment.
Net profit came in at ₹31 crore compared with ₹48 crore it reported in the year-ago period. However, this is a 1.6 per cent dip sequentially.
Revenue from operations increased 12.50 per cent to ₹1,484 crore (₹1,319 crore). Sequentially, revenue grew 21.14 per cent from the ₹1,225 crore reported in Q2.
The company’s consumer product business posted a 9 per cent growth in the quarter under review.
“With demand muted, the result is good in a tough environment. We are back to ₹1,000 crore in consumer products, of which a lot has been driven by fans. The brand investment along with the revamp of the Bajaj line has helped,” said Anuj Poddar, MD & CEO.
Weak rural demand
Rural demand continues to be weak, but the company expects it to pick up in the coming months. “Rural is weaker than urban but there are early signs of rural demand starting to look better. It should be better by April,” said Poddar.
The company also witnessed a dip in its exports with inflationary pressures impacting the South Asian and Gulf markets.